{"id":3470,"date":"2020-02-05T21:43:14","date_gmt":"2020-02-05T21:43:14","guid":{"rendered":"https:\/\/sites.austincc.edu\/money\/?page_id=3470"},"modified":"2023-12-18T10:19:23","modified_gmt":"2023-12-18T15:19:23","slug":"student-questions-answered","status":"publish","type":"page","link":"https:\/\/students.austincc.edu\/money\/student-questions-answered\/","title":{"rendered":"Student questions, answered!"},"content":{"rendered":"

Every student who participates in our “Take Control of Your Money” workshop completes a Classroom Survey. Among other things the survey asks “What other money topics would you like more information about?”  Weekly we compile the requests and list them on this page.  If one student asks, we know there are other students out there wanting the same information!  (And if you have a money question or want more info on a particular topic send us an email money@austincc.edu<\/strong>)<\/p>\n

#1 “How can I get more information about managing money?” – Jose, Kevin, Amayiah, Travis, Madeline & Blanca <\/span><\/em><\/h3>\n
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We think of <\/span>managing money as the process you use for budgeting, expense tracking, and saving towards goals. That makes this a BIG question!  But a great one.  <\/span><\/span><\/p>\n

Our favorite free budgeting app is <\/span>Mint.com<\/span><\/span><\/a>. You can create your budget and track your expenses from this app. <\/span><\/span><\/p>\n<\/blockquote>\n

#2 “How do you invest money?” – Ernest, Medrick, Blanca, Gregory,  Sarah, Cannon, Alexandria, Justin, Michael, Harley, Collin, Elliott, & Samantha<\/span><\/em><\/h3>\n
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Learn more about investing by reading \u201c<\/span>Investing for Dummies<\/span><\/a><\/span>\u201d an ebook available through the ACC library. There are also <\/span>hard copies<\/span><\/a><\/span> at some ACC library locations (you can request the book be sent to your campus library!) <\/span><\/span><\/p>\n

We recommend getting your investing feet wet by using a site like <\/span>Stockpile<\/span><\/a><\/span>. It doesn\u2019t cost to use this site, but you are investing your money, which means you do risk losing money. Start small! <\/span><\/span><\/p>\n

We also love Ramit Sethi who wrote \u201cI Will Teach You to Be Rich.\u201d  He has a lot of good nuggets of financial wisdom. Here\u2019s a <\/span>great video interview<\/span><\/a><\/span> with him. At 15:00 he recommends <\/span>Vanguard<\/span><\/a><\/span> for establishing an investment account. You can get his most recent book at the <\/span>Austin Public Library<\/span><\/a><\/span>.<\/span><\/span><\/p>\n<\/blockquote>\n

#3 “What kind of hustle jobs can I get (and drop quickly if I need to focus on school)?” – Leo, Elaina, Gregory & Cannon<\/span><\/em><\/h3>\n
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We love app-based jobs for things you can pick up and drop as needed. One of the Student Money Management Office staff members has been a dog-walker on <\/span>Rover<\/span><\/a><\/span> (and she used it to get her daily exercise too — no gym membership required!). During her study breaks she would make money being a <\/span>user tester<\/span><\/a><\/span>. <\/span>Amazon Mechanical Turk<\/span><\/a><\/span> is a similar gig. <\/span><\/span><\/p>\n

You can also look for one-time gigs through staffing agencies like the <\/span>A List Staffing<\/span><\/a><\/span> (right now they\u2019re hiring for SXSW), or <\/span>A+Staffing<\/span><\/a><\/span> which hires people to work conventions and catering. You can also find flexibility in <\/span>babysitting<\/span><\/span><\/a> or <\/span>caregiving<\/span><\/span><\/a>. <\/span><\/span><\/p>\n<\/blockquote>\n

#4 “How do I establish credit?” – Breonna, Travis, Elaina, Michael, Wayne, Iliana, Jose, Emily, Mariela, Laura, Madeline, Alexis & Blanca<\/span><\/em><\/h3>\n
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Our recommendation for someone who wants to establish credit is to get a secured credit card from where you bank. Nerd Wallet (weird name, but we love them!) has a great <\/span>article to help you understand a secured credit card<\/span><\/a><\/span>.<\/span><\/span><\/p>\n

Once you get your secured credit card, we recommend using it only for small purchases that you have anyway, like gas for your car, or your Netflix subscription.  And pay it off in full, every single month! Do not carry a balance.<\/span><\/p>\n<\/blockquote>\n

#5 “How do I build\/fix credit and manage it?” – Travis, Jeric, Zuri, Michael, Kaitlyn, Devin, Cade, Caleb, Kacie, Wayne, Ryan, Jose, Michael & Madison<\/span><\/em><\/h3>\n
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To build or fix credit, we recommend starting with a secured credit card (see #4). Once you have established credit, then the very best thing you can do is pay all of your bills on time, every time. Never, ever be late!  35% of your credit score — the biggest chunk — of your score is based on your payment history. <\/span>Here is an article that explains what factors influence your credit score<\/span>. <\/span><\/a><\/span><\/p>\n<\/blockquote>\n

#6 “I\u2019d like more information about scholarships and grants.” – Samantha, Alexander, Alec, Rana, Diana, & Justin<\/span><\/em><\/h3>\n
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As an ACC student, the best place to look for scholarships is through the <\/span>ACC Foundation<\/span><\/a><\/span>. Applications are due April 1 for scholarships awarded in the fall semester. <\/span><\/span><\/p>\n

You are awarded grants (that\u2019s money that you don\u2019t have to pay) by <\/span>filling out the FAFSA<\/span><\/span><\/a>. Make sure you fill out the FAFSA each year, and as early as you can! Some grants are distributed on a first-come, first-served basis, so you want to \u2018get in line.\u201d The 2020-2021 FAFSA (that covers fall 2020, spring 2021, and summer 2021) became available to be completed in October 2019. <\/span><\/span><\/p>\n<\/blockquote>\n

#7 ” I\u2019d like more information on savings.” –  Amayiah, Samuel, Dejah, Lauren & Samantha<\/span><\/em><\/h3>\n
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First, as a student we recommend setting aside at least $500 in an emergency fund.  To get there, determine how much you can save each month (for example $20). Then using automated savings, send that amount to a savings account <\/span>that is set up just for emergency expenses. Once you have that set aside, then you may start working on saving for other financial goals you want to accomplish while you\u2019re a college student. Some common goals college students have: <\/span><\/span><\/p>\n